In Brief: China Mobile to acquire Millicom

May 24, 2006

China Mobile has reportedly struck a deal to acquire Millicom International, a leading provider of cellular service in underdeveloped world markets.

The Standard said Wednesday that a source confirmed that the transaction had gone through after top bidder Investcom withdrew its offer and dropped out of the bidding.

The price was not revealed; however, The Standard said previous published reports put the price at $4 billion.

Luxembourg-based Millicom has a presence in 16 nations in Latin America, Asia and Africa, and has a subscriber base of nearly 9 million.

If the deal goes through, it would give mainland China the worldwide expansion it has been seeking since losing out in its bid to buy Pakistan Telecom last year. China Mobile is already the world's largest cell provider.

Copyright 2006 by United Press International

Explore further: Making smartphone browsing 20% faster while reducing power consumption by 40%

add to favorites email to friend print save as pdf

Related Stories

Soft design for a sustainable world

Sep 24, 2014

"Around the world at unprecedented rates, people are moving from the country to the city," says Sheila Kennedy, professor of the practice at MIT's Department of Architecture. "But this rapid urbanization is not a one-way ...

Apple supplier in China accused of violations

Sep 04, 2014

An Apple supplier in China is violating safety and pay rules despite the computer giant's promises to improve conditions, two activist groups said Thursday, ahead of the expected release of the iPhone 6.

For top broadband policy, look no further than Canada

Aug 20, 2014

You might have seen communications minister Malcolm Turnbull raising the issue about Australian press not discussing policy problems and solutions from overseas, in a speech delivered at the Lowy Institute Media Awards last week: ...

China panel fires adviser over Qualcomm tie (Update)

Aug 14, 2014

A panel that advises China's Cabinet on anti-monopoly policy has fired an economist who was paid to help prepare a report for Qualcomm, a U.S. company that is the target of a pricing investigation, according to state media.

Recommended for you

Microsoft beefs up security protection in Windows 10

3 hours ago

What Microsoft users in business care deeply about—-a system architecture that supports efforts to get their work done efficiently; a work-centric menu to quickly access projects rather than weather readings ...

US official: Auto safety agency under review

16 hours ago

Transportation officials are reviewing the "safety culture" of the U.S. agency that oversees auto recalls, a senior Obama administration official said Friday. The National Highway Traffic Safety Administration has been criticized ...

Out-of-patience investors sell off Amazon

16 hours ago

Amazon has long acted like an ideal customer on its own website: a freewheeling big spender with no worries about balancing a checkbook. Investors confident in founder and CEO Jeff Bezos' invest-and-expand ...

Ebola.com domain sold for big payout

16 hours ago

The owners of the website Ebola.com have scored a big payday with the outbreak of the epidemic, selling the domain for more than $200,000 in cash and stock.

Hacker gets prison for cyberattack stealing $9.4M

20 hours ago

An Estonian man who pleaded guilty to orchestrating a 2008 cyberattack on a credit card processing company that enabled hackers to steal $9.4 million has been sentenced to 11 years in prison by a federal judge in Atlanta.

Magic Leap moves beyond older lines of VR

21 hours ago

Two messages from Magic Leap: Most of us know that a world with dragons and unicorns, elves and fairies is just a better world. The other message: Technology can be mindboggingly awesome. When the two ...

User comments : 0